PT Aviasi Pariwisata Indonesia (Persero)

Name: PT Aviasi Pariwisata Indonesia (Persero) financial statements and ratios
Creator: Annalist

Industrials, airports and tourism · Indonesia · SAK · Fiscal year ends December

Latest report: FY2024, the fiscal year ended 31 December 2024. Snapshot FY2024_0c6bce40.

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Overview

Revenue, fiscal year

+27.8% year on year

Operating profit, fiscal year

+50.2% year on year

Net income, fiscal year

+119% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+4.0pp year on year

Return on equity, fiscal year

+3.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2024 was Rp30.54 trillion, 27.8% higher than in the previous fiscal year.
Weakenedin FY2024 · stated since FY202327.8% from 47.3% in FY2023
Rule: Revenue against the previous fiscal year · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was Rp30.54 trillion, 27.8% higher than in the previous fiscal year.Recorded from FY2024_0c6bce40 · data update
2. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp23.89 trillion, 47.3% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2022 NewRevenue for the fiscal year ended 31 December 2022 was Rp15.86 trillion.Reconstructed · initial
Net income attributable to the company for fiscal 2024 was Rp2.49 trillion, 119.4% higher than in the previous fiscal year.
Newin FY2024 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2024-12
History of this finding, 5 records
1. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp2.49 trillion, 119.4% higher than in the previous fiscal year.Recorded from FY2024_0c6bce40 · data update
2. FY2024 RetiredThe finding changed to higher than a year earlier.Recorded from FY2024_0c6bce40 · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp1.14 trillion, against a net loss of Rp997.6 billion in the previous fiscal year.Reconstructed · data update
4. FY2023 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
5. FY2022 NewThe company reported a net loss of Rp997.6 billion for fiscal 2022.Reconstructed · initial
The operating margin for fiscal 2024 was 27.2%, 4.0 percentage points higher than a year earlier.
Weakenedin FY2024 · stated since FY2023
Rule: Operating margin against a year earlier · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 WeakenedThe operating margin for fiscal 2024 was 27.2%, 4.0 percentage points higher than a year earlier.Recorded from FY2024_0c6bce40 · data update
2. FY2023 NewThe operating margin for fiscal 2023 was 23.2%, 14.6 percentage points higher than a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2022 NewThe operating margin for fiscal 2022 was 8.6%.Reconstructed · initial
Return on equity for fiscal 2024 was 7.1%, against 3.4% a year earlier.
Newin FY2024 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2024-12
History of this finding, 3 records
1. FY2024 NewReturn on equity for fiscal 2024 was 7.1%, against 3.4% a year earlier.Recorded from FY2024_0c6bce40 · data update
2. FY2024 RetiredThe finding changed to higher than a year earlier.Recorded from FY2024_0c6bce40 · data update
3. FY2023 NewReturn on equity for fiscal 2023 was 3.4%.Reconstructed · initial
Net debt was Rp40.20 trillion at 31 December 2024.
Confirmedin FY2024 · stated since FY2023
Rule: Net debt or net cash · Sources Annual report 2024-12
History of this finding, 2 records
1. FY2024 ConfirmedNet debt was Rp40.20 trillion at 31 December 2024.Recorded from FY2024_0c6bce40 · data update
2. FY2023 NewNet debt was Rp41.26 trillion at 31 December 2023.Reconstructed · initial

Records before FY2024 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents2 documents, latest Annual report for the year to 31 December 2023List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2024_0c6bce40

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, rupiah

Operating Profit

By fiscal year, rupiah

Profit Attributable to Owners of the Parent

By fiscal year, rupiah

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Net Debt

Total debt less cash and short-term investments, at fiscal year end, rupiah

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2024

Annual report for the year to 31 December 2024. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202331 Dec 2023	FY202431 Dec 2024
Borrowings	Rp51.27tn	Rp51.34tn
Lease liabilities	Rp997bn	Rp958bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0
Lease-adjusted debt	Rp52.27tn	Rp52.30tn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −2.6% · FY2024

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2024 · stated since FY2023−2.6% from −5.9% in FY2023
Rule: Cash backing of earnings · Sources Annual report 2024-12
History of this finding, 2 records
1. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.Recorded from FY2024_0c6bce40 · data update
2. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 1.40, Beneish −2.60 · Piotroski 8 of 9 · FY2024

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2024 was 1.40, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2024 · stated since FY20231.40 from 1.13 in FY2023
Rule: Altman Z'' zone · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 1.40, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2024_0c6bce40 · data update
2. FY2023 NewThe Altman Z'' score for fiscal 2023 was 1.13, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2023 RetiredThe finding changed to the grey zone.Reconstructed · data update
4. FY2022 NewThe Altman Z'' score for fiscal 2022 was 0.30, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2024 was minus 2.60, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2024 · first stated
Rule: Beneish M-score against its threshold · Sources Annual report 2024-12
History of this finding, 1 record
1. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.60, below the model threshold of minus 1.78.Recorded from FY2024_0c6bce40 · initial
The Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was current ratio higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2024 · first stated
Rule: Piotroski F-score · Sources Annual report 2024-12
History of this finding, 1 record
1. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was current ratio higher than a year earlier.Recorded from FY2024_0c6bce40 · initial

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	grey zone	grey zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	n/a	n/a	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a	n/a

Altman Z'' Score

fiscal 2024

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

1.40Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.40 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 0.56.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.034	6.560	0.220
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.024	3.260	0.078
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.080	6.720	0.538
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.533	1.050	0.559
Score			1.395

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2024

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.60Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.60 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.877	0.920	0.807
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.938	0.528	0.495
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.701	0.404	0.283
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.278	0.892	1.140
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.000	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.875	−0.172	−0.151
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.025	4.679	−0.119
Leverage indexDebt against total assets, against a year earlier.	1.010	−0.327	−0.330
Score			−2.599

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2024

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.13 means a probability of a misstatement 0.13 times the average rate in the Dechow sample: 0.05% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.003	0.790	−0.002
Change in receivables / average total assetsThe growth of receivables against average assets.	0.002	2.518	0.006
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.122	1.979	0.242
Change in cash salesThe growth of sales collected in cash.	0.261	0.171	0.045
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.013	−0.932	−0.012
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−7.615
Probability of a misstatement			0.05%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2024

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

8 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2024	A year earlier
Return on assets above zero	Met	n/a
Operating cash flow above zero	Met	n/a
Return on assets higher than a year earlier	Met	n/a
Operating cash flow above net income	Met	n/a
Long-term debt to assets lower than a year earlier	Met	n/a
Current ratio higher than a year earlier	Not met	n/a
No common equity issued	Met	n/a
Margin higher than a year earlier	Met	n/a
Asset turnover higher than a year earlier	Met	n/a

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2023	7 May 2024, the date on which the board approved the statements	AR:injourney-2023-12-31	0e03fc165b57
Annual report for the year to 31 December 2024		AR:injourney-2024-12-31	a471b1655c23

Checks

163157 of 163 checks passed, 6 warnings

Statement arithmetic141 of 143 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

A figure: −792,142 against −783,266

A figure: 5,310,339 against 5,324,805

Fiscal calendar5 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity3 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit3 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Agreement between annual reports3 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values4 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Net cash from financing activities, FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Cost of sales, FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Gross profit, FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Lease liabilities, non-current, Q4 FY2022: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	105
Confirmed by other figures	18.1%, 19 values
Confirmed by a second document	2.9%, 3 values
Derived from reported figures	0.0%, 0 values
Values withheld	4
Restated figures tracked	46
Changes compared on one basis	4
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Aviasi Pariwisata Indonesia (Persero), snapshot injourney/FY2024_0c6bce40 (as of FY2024); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2024_0c6bce40 · dataset SHA-256 0c6bce4036c99f440b72ac13128b4d507961d75cb9cf03149f801ceb6536d874 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json